The positive result has been attributed to the Bank of Ghana’s decision to diversify the currencies used in trading by the importers.

Economist Dr. Adu Sakordie tells Pulse Business that the introduction of other foreign currency like the Yuan has alleviated pressure off of the Dollar, thereby ensuring that the local currency stabilized against the U.S Dollar.

“ Yes, I will say the introduction of the Yuan, especially for local importers who trade with China has helped boost the strength of the Ghana Cedi against the Dollar.”

The economist added that general confidence in the Bank of Ghana’s ability to stabilize the local currency has also grown over the past 6 months.

“ You also recall that around June 2016, when the Bank of Ghana announced that it will pump 20 million dollars into the economy daily to stabilize the Cedi against the Dollar, we were sceptical that they could do not. However, the relative stability seem to have restored the confidence in the Central Bank’s ability to deal with the situation, hence the performance of the Cedi”.

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Author

Emmanuel Quist Reporter - Pulse. Ghana's economy is extremely dynamic, with its own politically- induced challenges and successes. I am dedicated to telling stories about the figures, successes and prospects of Ghana's economy. I am a graduate of the University of Ghana, and a journalist in the fourth year of practice